SUBSTANTIVE is reality, real rather than apparent, as seen by an unbiased observer and not just the official view of management.
TECHNICALLY BANKRUPT means that the company has, at least temporarily, run out of cash to pay its bills and is, at the moment, bankrupt. However, it may recover by raising capital, collecting monies owed to it, or selling off various assets. When a company does not do this on its own, its creditors may, through the courts, put a company officially or legally into bankruptcy.
PPV is Purchase Price Variance.
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